‘Not right time’ for new pension implementation says government minister

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‘Not right time’ for new pension implementation says government minister

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Posted on: 15/10/2015

Three proposed pieces of new pension legislation has been ‘put on hold’ by the government, who have said it is ‘not the right time’ for implementation.

Pot-follows-member, defined ambition and collective benefits have all been put on hold.

Minister for Pensions Ros Altmann issued a written ministerial statement on Thursday morning (October 15) in which she said the time “is not right” to ask the pensions industry to “absorb the new swathe of regulation that would be needed to make such further reforms work effectively”.

She went on: “The market needs time and space to adjust to the other reforms underway and these areas will be revisited once there has been an opportunity for that to happen.

“All these reforms will increase the number of people saving into workplace pensions, introduce new freedoms allowing savers to access their cash, and implement a new state pension that will be far easier to understand in the future.

“However, we are conscious of the need to ensure government, providers, employers and members are able to focus on these changes to ensure their success.

“That is why we have decided that the time is not right to implement defined ambition, collective benefits and automatic transfers.”

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